Airtel Kenya is ramping up efforts to grow its Airtel Money service by leveraging the extensive networks of microfinance and commercial banks across the country. The telco announced on Thursday that customers can now deposit and withdraw cash at all branches of Rafiki Microfinance Bank, Access Bank, Bank of Africa (BOA), and Kenya Women Microfinance Bank (KWFT).
This move is seen as part of Airtel’s broader strategy to expand its mobile money footprint in Kenya, challenging market leader M-Pesa. The new partnerships follow a similar deal with retail giant Naivas, which enabled customers to use the supermarket’s branches as Airtel Money agents.
“This partnership with leading microfinance banks strengthens our mission to make Airtel Money more accessible to millions of Kenyans. We want our customers to enjoy seamless transactions wherever they are.” – Airtel Kenya Spokesperson
The newly onboarded financial institutions collectively add hundreds of new cash-in and cash-out locations to Airtel Money’s network. KWFT leads the pack with over 229 branches, followed by BOA with more than 30, Access Bank with 23, and Rafiki with 19 outlets.
Airtel Kenya has been aggressively pushing its mobile money services to compete with Safaricom’s M-Pesa, including offering zero charges for Airtel-to-Airtel transfers and promotions like ‘Rudishiwa Transaction Fee,’ which reimburses withdrawal charges as airtime credits.
Airtel Money’s expansion gained momentum in 2023 after the Central Bank of Kenya (CBK) raised daily mobile money transaction limits from KSh300,000 to KSh500,000, allowing users to move larger sums via mobile platforms.
Additionally, in February 2024, Airtel scrapped a restrictive policy that forced customers to withdraw received funds within a week or risk automatic reversal to the sender.
Airtel’s latest push signals its continued effort to gain a larger share of Kenya’s lucrative mobile money market, which has long been dominated by M-Pesa. By collaborating with banks and retail chains, Airtel is expanding access points and enhancing convenience for its customers.
As competition in the sector heats up, Kenyan mobile money users stand to benefit from more choices, lower costs, and greater accessibility to financial services.
